John Zito

That's what ultimately got our deal done.

And in most cases, that situation would have ended up in some sort of bankruptcy or some sort of aggressive thing where no one probably would have won, honestly.

That one was fun because I feel like Ernie and I are great friends now.

And I think we both learned a lot and you realize that you have to have flexible capital.

You have to be willing to actually commit to having a personal trusting relationship with whoever the decision maker is.

And if you don't have that trusting personal relationship with the decision maker,

not only the decision maker, but also your peers.

Because in credit, you have to be able to agree that sometimes one plus one is three.

Yes, that story was like 2016 annual meeting.

I said that Hertz would file for bankruptcy.

I was dead wrong for three, four years.

It was like, because I was of the view that Uber, people would rent fewer cars, pricing would collapse, used car prices would go down.

That was kind of thesis in 2016.

COVID hits.

I talked to the management team a month later.

They're like, we don't have any plans for anything.

EBITDA's fine.

And I'm like, okay, so this is like...

Like locked up in my house in Bedford.

I'm like, what are you guys talking about?